Amid the massive crypto market crash, Bitcoin managed to keep the bulls afloat by regaining the $30,000 mark. While BTC.D was around 45%, the altcoin market returned some of its value during the crash.
Will Bitcoin go above $31,000 now? Experts speak
Bitcoin’s last 7-day price chart shows that the leading crypto has consistently climbed above the $30,000 price level despite falling as low as $28,733.
Experts say that the recovery in Bitcoin price may not happen soon, at least until positive sentiment returns to global markets. However, the indicators are high that the Bitcoin price will not fall any further. On the contrary, if the current trend continues, it could rise above the $31,000 level. Edul Patel CEO and Co-Founder of crypto investment platform Mudrex, Edul Patel, says in his recent analysis that consolidation will favor Bitcoin:
BTC’s current support is at $27,000, with initial resistance at $33,000. We may see BTC cross $31,000 in the coming days as the momentum improves with each passing day.
Analysts’ consensus is that the BTC price will be shaped around $31,000
, India-based crypto exchange WazirX analysts shared a note stating that BTC is consolidating between $29,000 and $31,000 in the hourly time frame. It may need to climb above $31,000 for some key trend reversals. Part of the report says:
Bitcoin rose marginally to gain about 1.6% as buying momentum increased. On the hourly timeframe, the BTC trend is moving within a consolidating triangle formation between the $29k and $31,000 levels. The next resistance for Bitcoin is expected to be $40,000 and support at $24,000. To see a significant trend reversal, BTC needs to break above $31,000 and move towards the $40,000 level.
As we have covered in Cryptokoin.com analysis, Guggenheim Partners’ global chief investment officer, Scott Minerd, shared why he expects Bitcoin (BTC) to decline in his recent analysis. Details can be found here.
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